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Some common expenses of doing business can be overlooked at tax-time
Remember These Tax Deductions for Your Trucking Business
Business Management, Finance, Trucking
Friday, Apr 07 2017
Whether you operate under your own authority or lease on to a carrier, any expense related to running your trucking business is tax-deductible
Below are some common business expenses that are sometimes overlooked when owner-operators file their taxes. Remember…
1035 Exchange
A method of exchanging insurance-related assets without triggering a taxable event. Cash-value life insurance policies and annuity contracts are two products that may qualify for a 1035 exchange
401(k) Plan
A qualified retirement plan available to eligible employees of companies. 401(k) plans allow eligible employees to defer taxation on a specific percentage of their income that is to be put toward retirement savings; taxes…
Small-business tax rule No. 1: Don't mess with the IRS. But that doesn't mean you should cheat yourself. Take every legal deduction you can. Here are a dozen that even savvy small-business owners and entrepreneurs sometimes forget. 1. Home office Concerned that claiming a home office deduction is tantamount to sending an engraved invitation to an IRS auditor? Don't be, says Jan Zobel, author of "Minding…